Australian Shares

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Macro Afternoon

Another mixed session here in Asia as the week draws to a close with Japanese stocks advancing while Chinese and satellite bourses like the ASX200 scratch along for the ride. Its all about interest rates, the USD and emerging markets at the moment as the ten year high in Treasury yields begins to bite on

0

Big iron flames out

The AUD is up a bit through the morning: Bond are selling and even more mis-priced: XJO is down again with the big double-top still in play: Dalian is soft: As is Big Iron: Big Gas rocks on: Big Gold may finally be capitulating: The selling has returned for Big Scum: But the buying goes

12

Why you should sell CSL

Recall that one of MB’s favoured allocations has been dollar-exposed industrials. This has included CSL which today pumped out a massive profit upgrade: We’ve been on this runaway freight train since 2012, up around 600%: It is a big holding in the MB Fund because it fits our quality/macro allocations model.  Following is a snapshot of

3

Macro Morning

By Chris Becker Its enough to send someone drinking as markets go from gains to falls day in day out! Last night saw US stocks start off well following a positive European lead before selling off later in the session as Treasury yields reached a pre-GFC high. Cash is king as USD moved higher versus

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Macro Afternoon

Asia markets have not been able to translate the firm gains on US markets overnight to the region, as the weaker Yen was able to only lift Japanese bourses. The monthly jobs figure in Australia saw the Aussie dollar lift higher strangely enough as the ASX200 was pushed down again. Tonight the focus will be

11

Has the ASX double-topped?

The AUD has held its gain this morning: Bonds are sold despite weak wages: XJO has formed a massive potential double-top: Whether it is in force I can see arguments for and against. If the AUD keeps falling then that will be supportive for higher. But if those falls come from the looming iron ore

1

Macro Morning

By Chris Becker A much better night on risk markets in response to some secondary reports in the US regarding industrial production with housing starts overperforming and oil inventories shooting to the underside, lifting oil prices and hence energy stocks. European markets were mixed as the Euro dropped on the new Italian government while gold

45

Macro Afternoon

Yet another mixed day here in Asia as tensions rise once again on the Korean peninsula and the impact of higher US interest rates from the spike in Treasury yields is felt across risk markets. Only the ASX200 put in a positive session with gold putting in a small rebound from its sharp selloff overnight.

3

Macro Morning

By Chris Becker A double whammy of economic releases overnight saw another retreat in risk markets as the USD soared against the majors, while gold went to a new four month low. While European Q1 GDP came in on target, German GDP underperformed alongside industrial production figures signalling some internal weakness in the EZ. In

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Macro Afternoon

Quite a mixed day here in Asia given the lack of volatility in overnight markets with the only bright light being mainland Chinese shares on the back of solid April data. Other stock markets had small declines as the major currencies tread water against USD. The Shanghai Composite had a late afternoon attempt at breaching the next resistance

4

Macro Morning

By Chris Becker A night to forget on overseas markets with both US and European stocks putting in scratch sessions across the board. The USD came back on strength against the major currencies however, with the Aussie dollar particular back under stress again after last week’s very minor comeback. US Treasury yields pipped above 3%

26

Macro Afternoon

Risk markets lifted all across Asia, starting the week on a strong point. This has yet to translate to higher futures on European or US stocks, but the mood should be optimistic going into the City open. The USD remains slightly weaker from its reversal late last week, as all eyes are on further trade

33

Macro Afternoon

Outside mainland China its been a solid day again here in Asia, with stock markets finishing their best week since February. Currencies were largely unchanged with gold prices also slipping, but futures are looking good going into the European session. The Shanghai Composite was unable to breach the next resistance level at 3200 points, losing about 0.3%

2

ASX straaaiiins for decade high

The AUD is stable through the morning: Bonds are bid: XJO is straining to pop a decade high: Dalian is stable: Big Iron is up and away as the AUD and oil drive BHP: Big Gas parties on: Big Gold too: Big Banks are holding everything back: Especially CBA as it heads for a retest of

0

Macro Morning

By Chris Becker The poor CPI showing in the US saw the USD stumble from its recent rally, but sent stocks to a near two month high. Pound Sterling was a standout though, dropping on the BOE holding steady, while oil prices stabilised. Recapping stocks in Asia yesterday where the Shanghai Composite had another attack

33

Macro Afternoon

Another solid day for risk markets here in Asia, taking the US lead overnight. The Chinese CPI print disappointed on the downside, with the USD losing some ground against the Aussie but not Yen or other majors leading into tonights BOE meeting. Geopolitical risks are coming to the fore again with Malaysian elections and tensions

10

CBA edges towards critical breakdown

AUD is up during Asian trade on technical overselling: Bonds are bid: XJO is trying to go higher in a clearly bullish chart but hitting resistance: Dalian is struggling: But Big Iron doesn’t care as BHP rips on oil and a falling AUD to three year highs. The others are shorts as the Chinese slowdown

0

Macro Morning

By Chris Becker Oil was the catalyst overnight with industrial stocks lifting alongside as a DOE report indicated much lower inventory levels than expected. WTI crude cracked the $71USD per barrel level while Treasury yields rose as well on the risk on move, pipping above the 3% uncle point again. The USD was mixed against

41

Macro Afternoon

A mixed day here in Asia with stocks exchanging wins for losses across the region in the wake of Trump’s dumping of the Iranian nuclear deal. Oil prices are starting to spike going into the European open alongside a rally in the USD and Treasuries. The Shanghai Composite had a scratch session today, closing a few points

2

Macro Morning

By Chris Becker Overnight markets were shaken, but not stirred, by President Trump’s reneging on the Iranian nuclear deal. Stock markets on both sides of the Atlantic finished slightly down or with scratch sessions, and while oil prices were volatile they did not falter either with WTI crude remaining above $70USD per barrel. Futures are

36

Macro Afternoon

The impact of the higher USD continues to weigh on developed markets, but the big stock bourses in Asia continued their rebound as futures for European and US stocks advanced. Oil prices are the markets to watch, with WTI hovering around the $70USD per barrel level and Brent above $75 as traders await the Trump

13

Time to unwind the superannuation system

It is about time someone was honest about Australia’s superannuation system. This multi-trillion dollar financial monstrosity funnels money upwards to the wealthy via tax gifts while failing on its promise to reduce the ‘burden’ of the age pension. Let’s unwind the system. The easiest way to unwind superannuation is to allow funds to be accessed by any

1

Macro Morning

By Chris Becker Overnight stock markets responded positively to the great start to the week here in Asia with rallies on both sides of the Atlantic. The USD topped to a new calendar year high while oil prices came along for the ride while bonds also pushed higher as Treasury yields pull back further from

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Macro Afternoon

The fallout from the US unemployment print on Friday has been quite positive, with all stock markets closing higher here in Asia. The USD remained steady against the majors, as most of the action was priced in the late Friday session. Commodities were relatively stable as well while the bond market lifted with the Aussie

3

Macro Morning (Trading Week)

By Chris Becker  The US non-farm payroll/unemployment print came and went on Friday night, setting up the timbre of the next months action on risk markets. For stocks, it should be positive, given the reading was the lowest in nearly 20 years, as US stocks launched higher in response, pulling up the stalled European bourses.

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Macro Afternoon

Its another sea of red across Asia as traders nervously await the NFP print later tonight, with the USD rebounding against some currencies in anticipation as the Aussie dollar spiked on Futureboom “forecasts” from the RBA. In the midst tonight will be more earnings releases and some oil rig counts. The Shanghai Composite had a